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Genworth Financial Sells Its Stake In Genworth Mortgage Insurance Australia
WASHINGTON (dpa-AFX) - Genworth Financial Inc. (GNW) said that its wholly owned subsidiaries Genworth Financial International Holdings and Genworth Holdings have sold about 214.3 million shares in Genworth Mortgage Insurance Australia Limited at A$2.28 per share. It represents Genworth s entire ownership position in Genworth Australia. Settlement of the sale will occur on March 3.
Completion of the transaction will result in a payment of about US$247 million under outstanding AXA promissory note. Following the payment, the net proceeds available to Genworth will be about US$123 million.
As previously indicated, Genworth will continue to prepare for a potential partial IPO of Genworth s U.S. Mortgage Insurance.
RICHMOND, Va., Feb. 28, 2021 /PRNewswire/ Genworth Financial, Inc. today announced that its wholly owned subsidiaries Genworth Financial International Holdings, LLC and Genworth Holdings, Inc. . | March 5, 2021